Number of pages: 120 | Report Format: PDF | Published date: January 28, 2021
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
Report Attribute |
Details |
Revenue Forecast in 2030 |
US$ 1540 million |
Market Size Value in 2021 |
US$ 541.68 million |
CAGR |
11.0% |
Base Year for Estimation |
2021 |
Forecast Period |
2022-2030 |
Segments Covered |
Type, Services, End User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global cardiac safety services market was valued at US$ 541.68 million in 2021 and is expected to register growth at a revenue CAGR of 11.0% to reach US$ 1540 million by 2030.
Cardiac Safety Services Market Fundamentals
Cardiac safety services help design and support clinical trials or other studies that require monitoring of cardiac safety. These services provide monitoring of the entire cardiac safety profile for any compound/candidate undergoing a clinical trial, from Phase I–IV in compliance with ICH, EMA, FDA, PMDA, and other regulatory authorities and industry guidelines. Some of the key cardiac safety services include ECG/Holter measurement, cardiovascular imaging, blood pressure measurement, QT studies on the time between ventricular depolarization and its repolarization, and other services.
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Cardiac Safety Services Market Dynamics
Increase in the number of clinical trials across many developed and developing countries drives the global cardiac safety services market. As per the article in Medical News, improvements in clinical trial quality, such as compulsory training for all operators, have resulted into a substantial increase in the number of trials. Moreover, in 2017, the National Institutes of Health, or NIH, stated that all researchers and coworkers in NIH-funded trials should be qualified in Good Clinical Practices (GCP), increasing R&D activities in pharmaceutical and biopharmaceutical companies involved in developing new drugs. Technological advancements in the healthcare industry and developments in biosimilars & biologics are contributing to the global market revenue growth to some extent.
However, the high cost of cardiac safety evaluation and late approval of the new products are likely to restrain revenue growth in the global market in the next few years.
Cardiac Safety Services Market Ecosystem
The report on the global cardiac safety services market is segmented based on four important parameters, namely, type, services, end user, and region.
Cardiac Safety Services Market by Type
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Based on the type, the market is segmented into standalone and integrated.
Integrated Cardiac Safety provides professionals with the necessary advice and approach to evaluate drug cardiac safety at all stages of the drug's life, from discovery and development to post-marketing research. The integrated segment is expected to account for the highest revenue share of the market during the forecast period, due to the advantages of its bundled services to manage end-to-end developments as compared to the specificity of standalone services.
Cardiac Safety Services Market by Services
Based on the services, the global cardiac safety services market is segmented into cardiac imaging, ECG/Holter measurement, blood pressure measurement, thorough QT study, and other services.
The ECG/Holter measurement services segment is expected to account for the highest revenue share of the global market during the forecast period. This can be largely attributed to the low cost and wide usage of these services in assessing cardiac activity. The blood pressure measurement was traditionally carried out in clinics and hospitals. With technological advancements, portable models of this technology were launched into the market. The specialty of these latest models is they reduce the possibilities of damage to the targeted organ.
Cardiac Safety Services Market by End User
Based on the end user, the cardiac safety services market is segmented into pharmaceutical companies, contract research organizations (CROs), and others.
The contract research organizations (CROs) segment is expected to register fastest revenue growth in the market during the forecast period. This can be attributed to increase in the number of clinical trials, rise in trend of outsourcing of R&D activities, and development of new technologies in the market.
Cardiac Safety Services Market by Region
Based on the region, the global cardiac safety services market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America dominates the cardiac safety services market. The significant revenue share of North America in the global market can be recognized by the presence of prominent pharmaceutical and biopharmaceutical companies, increase in investments in R&D activities, rise in the prevalence of cardiovascular diseases, and robust product line in the region.
Europe accounts for the second-largest revenue share of the cardiac safety market. Technological advancements, increase in the number of the market players, rise in number of R&D activities, and ongoing clinical studies are key factors contributing revenue growth of the market in the region.
The Asia Pacific market is likely to grow at a significant revenue CAGR, followed by Latin America, the Middle East, and Africa in the forecast period. This can be ascribed to increase in the focus of governments of several countries in the region on providing improved healthcare facilities, rise in trend of subcontracting research activities, high prevalence of cardiovascular diseases, substantial increase in the research pool, and availability of services at competitive prices.
Cardiac Safety Services Market Competitive Landscape
The prominent players operating in the cardiac safety services market include: -
Cardiac Safety Services Market Strategic Developments
The global cardiac safety services market was valued at US$ 541.68 million in 2021.
The cardiac safety services market is projected to reach US$ 1540 million by 2030.
Increase in the number of clinical trials and rise in investments in R&D activities by pharmaceuticals and biopharmaceutical companies
Medpace, Inc, Celerion, Biotrial, IQVIA, ERT Clinical, BioTelemetry, Inc, and Laboratory Corporation of America® Holdings are among the prominent players operating in the market.
The cardiac safety services market is projected to grow at a revenue CAGR of 11.0% between 2022 and 2030.
North America accounts for the largest share of the global cardiac safety services market.
*Insights on financial performance is subject to availability of information in public domain